Online Property Auctions. Is it for me?
A big part of our job is to help people to sell their properties. For many reasons, some people will be as keen as ever to get their house sold – so we’re here to help where we can at this time.
In March, SDL Auctions raised £7.1 million for sellers in three online auctions. 1,850 people watched online, where more than 400 remote bids were placed by phone, by proxy and over the internet. Fantastic news for sellers, buy-to-let investors and homebuyers who need to buy or sell a property.
If that hasn’t convinced you, we’ve listed below some benefits of buying and selling at property auctions. To learn more get in touch with your local Century 21 UK office here.
Selling at auction has a sell time of around six to eight weeks, from start to finish. If you compare that to selling traditionally, it’s so much quicker. Completion date of a property sold at auction is around 28 days after the gavel comes down. You know the specific date the proceeds of sale will be available, allowing you to plan when you release capital.
Selling a property at auction is legally binding for both the buyer and seller, with a thorough process and screening pre-auction for both parties. Contracts are then exchanged the moment the gavel comes down, at which point the buyer pays a 10% deposit on the property they’ve just purchased. If the buyer changes their mind, there is legal procedures in place to protect the seller.
The seller will be asked for a fixed reserve price that the property can sell for as a minimum. This ensures that the property is sold for an acceptable price for the seller. This figure isn’t shared with buyers, but if the bids don’t reach the reserve price then the property will not be sold.
SDL Auctions are holding a live property auction by real time video feed in April, and another in May, on a national scale. They also run online property auctions starting and ending every single day. Properties on the market with Century 21 UK for auction would be advertised on our website, and the SDL Auctions website. This allows properties to see national and local property exposure, increasing the chances of selling.